Banks were warned about fraudulent crypto activity in a joint statement by financial regulators on Tuesday.
Regulators warned banking organizations of other risks that could create “legal uncertainties related to custody practices, redemptions, and ownership rights.”
The statement indicated legal uncertainties include fraud and scams within the crypto-asset sector participants resulting in “inaccurate or misleading representations and disclosures by crypto-asset companies, including misrepresentations regarding federal deposit insurance, and other practices that may be unfair, deceptive, or abusive, contributing to significant harm to retail and institutional investors, customers, and counterparties.
Regulators said in the statement, “The agencies will continue to closely monitor crypto-asset-related exposures of banking organizations.”The statement continued, “Banking organizations should ensure that crypto-asset-related activities can be performed in a safe and sound manner, are legally permissible, and comply with applicable laws and regulations, including those designed to protect consumers .
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